Cyprus is a small island country in the Eastern Mediterranean Sea to the east of Greece, and a member of the European Union (EU). The Eurozone is an economic and monetary union of 17 EU member states that have adopted the euro (€) as their common currency and sole legal tender.

The Eurozone’s levy was contingent on the approval of the Cypriot parliament, but parliament resoundingly rejected the levy. Meanwhile, to prevent a bank run, banks in Cypriot will remain closed “until next week”, euphemistically called a “bank holiday”.